And the Good News Is...

November 20, 2008

It's getting to be more and more difficult to find good news on TV. Reporters seem to be reveling in stirring up as much "doom and gloom" news as they can – after all it's been proven that bad news sells better than good. Our addiction to news tickers and 24 hour coverage was solidified during horrific news events of the last decade. But there IS positive news to be found if you dig hard enough.

28 Metropolitan areas showed increases in median existing single-family home prices from the same quarter in 2007. Areas such as Elmira NY, Tulsa OK, Wichita KS and Urbana IL.

But even in areas where average home sales have dropped drastically, there is good news. Buyers who have been shut out of the home ownership market, are now finding that they can afford to buy. And they ARE buying. Three states where the ‘housing bubble' has burst are seeing some of the highest increases in sales. The largest sales gain during the third quarter was in Arizona, up 28.3 percent from the second quarter, followed by California which rose 28.1 percent and Nevada, up 26.2 percent. These areas have seen some of the strongest sales gains with some reports of multiple bidding.

And there's also good news for sellers. The typical seller purchased their home six years ago and is still experiencing net equity gains, even in today's depressed markets. The national increase in value since the third quarter of 2002 is 18.3 percent, which is a median gain of $31,000. Even with the current downward price distortion, 90 percent of metro areas are showing six-year price gains.

So while we are definitely in turbulent economic times, there is GOOD NEWS to be found if you look for it. Hopefully, some home buying incentives will be passed soon to stimulate even more home ownership. Lawrence Yun, the chief economist at the National Association of Realtors, said that, "A pattern of sharply higher sales in areas with large price declines is well established," Yun said. "Affordability conditions have consistently been a major factor in driving sales. Historically during recessions, buyers have responded to incentives and it's important for government to keep that in the forefront of stimulus decisions."

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Local Information for Youngsville, NC

Latitude: 35.973289 -- Longitude: -78.518789

Other Area Cities: Knightdale Raleigh Wake Forest

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Development of the town of Wake Forest began in 1820 when Dr. Calvin Jones, originally from New England, bought 615 acres (2.5 km²). The sparsely populated area became known as Wake Forest, or the Forest of Wake. Jones sold his farm for $2,000 to the North Carolina Baptist Convention, which opened the Wake Forest Manual Labor Institute, later Wake Forest College, on the site. The Raleigh & Gaston Railroad, completed in 1840, gave a boost to the school and surrounding village with its nearby depot in Forestville. College leaders convinced the railroad to move the depot even closer to the college in 1874, leading to more economic development. This growth allowed the community to become incorporated by the state in 1880 as the "Town of Wake Forest College." In 1909, the word "College" was removed from the official name. 1956 saw the removal of the college itself, to the much larger city of Winston-Salem. -- Source: Wikipedia.com

North Carolina 2000 Census Population Profile Map

	Wake Forest	North Carolina	United States
Population	12,588	8,049,313	281,421,906
Median age	31.5	35.3	35.3
Median age for Male	30.8	33.8	34
Median age for Female	32.3	36.7	36.5
Households	4,617	3,132,013	105,480,101
Household population	12,301	7,795,432	273,643,273
Average household size	2.66	2.49	2.59
Families	3,409	2,158,869	71,787,347
Average family size	3.11	2.98	3.14
Housing units	5,091	3,523,944	115,904,641
Occupied units	4,617	3,132,013	105,480,101
Vacant units	474	391,931	10,424,540

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